Summary of changes

New Important Information booklet available.

On 16 July 2020 Netwealth issued a new Important Information booklet for Rusell Investments Portfolio Service (Portfolio Service) (Important Information booklet). 

Below is a summary of the key changes which may impact the way you use the Portfolio Service. You should obtain and read the Important Information booklet for the full details. The Imortant Information booklet is available from the Forms and Documents section on our website or by contacting us.

The changes outlined below are all of the material changes that may impact on your existing Portfolio Service account. The Important Information booklet includes new information about how the Portfolio Service works which may be relevant to you. 

We have introduced new functionality:

• Paying bills with BPAY ®

We are making a change to certain advice fees:

• The removal of upfront advice fees on future investments

We have provided some additional information in our Important Information booklet:

• A change to how we describe our cash account and associated costs
• Additional information about privacy
• Additional information about user/third-party user risk

Paying bills with BPAY®

We have introduced the BPAY facility for new and existing investors. BPAY allows you to pay certain bills from your cash account.

You are required to provide your mobile phone number for use in relation to BPAY. We may notify you of payments made using BPAY by sending a notification to the mobile phone number you provide.

You have the option to also allow your Adviser Representative to make payments on your behalf using BPAY. You can instruct us to give your Adviser Representative permission to use BPAY by logging into your account and changing your bank settings. You can also remove this permission at any time.

If you have previously given permission for your Adviser Representative to make payments using the pay anyone facility, your Adviser Representative will automatically be given permission to make payments using BPAY. You can see and change the permissions by logging into your account and changing your bank settings.

Accounts that require multiple signatures to transact (including joint, SMSF, trust and company accounts) do not have access to BPAY.  

 ® Registered to BPAY Pty Ltd ABN 69 079 137 518.

Upfront advice fee on future investments

If you have nominated a financial adviser, you may agree with them to pay an upfront advice fee on investments made into your account.

From 16 July 2020 we will not accept a new standing instruction from you to pay an upfront advice fee on any subsequent investments or in relation to a regular savings plan.

Where you have previously provided an instruction to us to pay an upfront advice fee on any subsequent investments or in relation to a regular savings plan, this instruction will continue to apply until further notice. You can find information about your advice fees by logging onto your account and viewing your fee profile, or you can contact Netwealth. If you want to change your advice fees you should contact your adviser or Netwealth.

Change to the cash account and associated costs

The description of the cost identified as a “cash account fee” has been changed to “interest retained on the cash account” to better describe the nature of this cost to investors. There is no change to the way this cost is applied or the way it is calculated. This cost is not deducted from your account.

Additional information about privacy

We have updated the information about privacy in the Important Information booklet. You should read the privacy section of the Important Information booklet for more information about the information we collect from you, how we use that information and how you can access that information.